PT Global Digital Niaga (BELI)—the entity that runs e-commerce player Blibli, online travel agency Tiket.com, and supermarket chain Ranch Market—has acquired home decor startup Dekoruma for 1.16 trillion rupiah (approximately $70.6 million), according to a disclosure to the Indonesian Stock Exchange (IDX).
BELI, which is backed by local conglomerate Djarum Group, purchased 26,167 Series C shares, representing 99.83% of Dekoruma’s ownership, in a transaction completed on June 20, 2024.
The acquisition is expected to boost Blibli’s business, especially in the home and living vertical, and enable Blibli and Dekoruma to become an integrated company in both online and offline trade, said the disclosure. As an entity with extensive experience in both online and conventional trading, Blibli intends to integrate these channels to create optimal synergy between the two companies.
Dekoruma was established in 2015. It connects consumers with home furnishing merchants, interior designers, contractors, and property developers. The company has served over one million customers, and partnered with over 5,000 designers and contractors. Dekoruma also partners with more than 100 property developers and banks, according to its website.
“I believe [the acquisition] is a mutually beneficial deal for both sides. Blibli can enhance its reach in the home-deco field while Dekoruma can leverage Blibli as a channel to drive up sales. Ondine Capital is happy to see the deal go through with a full-cash exit as a financial investor of Dekoruma,” said Randolph Hsu, co-founder of Ondine Capital, an investor in Dekoruma.
DealStreetAsia has reached out to Dekoruma for comment.
Since its establishment, Dekoruma has raised $22.32 million in equity funding, according to DealStreetAsia DATA VANTAGE. Its backers include BEENEXT, OCBC NISP Ventura, and Ondine Capital.
Dekoruma’s top shareholders
In April, DealStreetAsia reported that Dekoruma’s losses doubled in 2022 on higher marketing expenses, even as revenue increased 26.6% year-on-year. Meanwhile, the company’s revenue rose to $13.4 million from $10.6 million in the same period the previous year.
BELI began trading on the IDX in November 2022 with an IPO price of 450 rupiah per share. The company’s shares were trading at 462 rupiah apiece on Monday morning (June 24), representing a 0.43% increase from the previous close and a 2.6% increase from the IPO price.
BELI reported that its losses had narrowed in Jan-March 2024 amid overall improvements in its business.
The group’s net revenue increased 2% YoY to 3.9 trillion rupiah. Physical stores became the main contributor to Blibli’s revenue with nearly 1.3 trillion rupiah in Q1 2024, while its online retail segment remained a major contributor with 1.1 trillion rupiah, according to its financial statement.